"The last announcement about the drilling of Lidsey #2Hz "in...

"The last announcement about the drilling of Lidsey #2Hz "in coming months" was too ambiguous for my liking. Going on past performance I'm presuming that this won't happen this financial year"

Fully agree, again they have used the classic line about "pending regulatory approvals".....


Jan 29 announcement:

DRILLING OPERATIONS
Planning has continued during the quarter for the first development well drilling at the Lidsey oil field, which is currently scheduled to take place towards the end of the first quarter of 2010, subject to receiving relevant governmental and agency approvals.

March 22 announcement:

We plan to build on this successful result as we move forward towards our Lidsey #2 drilling programme, currently being developed and planned to commence in the coming months, once necessary regulatory approvals have been received. Mr. Russell said.


Having been a long term holder with KEY since Aug 2007, I have become quite used to these type of announcements. I remember how they used early follow up drilling of the UK wells to promote the capital raising last year.

Surely, they would have known then how long it takes for UK approvals to take place?. As a business, they would surely have to factor this into their planning, before making a statement about when the drilling is scheduled for.

If bad weather has hindered the timelines, then come out and say it Ken. Please dont hide behind government approvals, IMO it makes the KEY management team look incompetent.

Sorry to be negative, but if you go back and look some of their announcements concerning another project Italy, you will know what I mean.

With Tanzania, I am hoping that the recent result concerning KN#1 is the start of some meanningful anouncements which will quickly follow.

Cheers
R